Bitcoin and Ethereum showed significant strength on Monday morning after news outlets reported that Iran and the United States have received a ceasefire proposal from mediators. Bitcoin opened at $68,978.91, rising 2.5% from Sunday, and reached $69,668.88 by 7:15 AM ET. Ethereum opened at $2,108.78, up 2.1% from the previous day, and climbed to $2,149.29. The proposed ceasefire reportedly involves a 45-day pause to fighting and the reopening of the Strait of Hormuz. While neither side has agreed to the terms yet, the potential for diplomatic resolution increased demand for riskier assets like cryptocurrencies. The rally reflects broader market sentiment that reduced geopolitical tensions could benefit risk assets, with crypto markets sensitive to global political developments that affect investor risk appetite. Short liquidations outpaced long positions nearly 3-to-1 in the 12-hour period following the ceasefire news.